Credit Cards Center Credit cards from our partners
Reply
Valued Contributor
Posts: 2,350
Registered: ‎09-16-2011
0

Re: Toy Limits


 


So having too few is worse than having too many?

 

I was thinking that if i applied they would see the low limts cards and think this guy already has 9 open TLs, why does he need more?

 

If i close three of the original ones that would leave me with 6 open TLs, is that about right?


absolutely, there are only a few rare occausions when people are denied with too many cards with low UTL.

 

I currently have 18 open TL's on my credit report and a  675 FICO and 14% UTL,  I have no doubt that I would be approved for any low end card that I applied for instantly. My last four apps were all approved instantly. You will get denied for many prime cards with a 740 Fico if you have only one card reportng unless its very old. 

Cards: Chase Southwest 20k & CSP 10k & Freedom 6.6k & Amtrak/Freeom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 12k Sally Mae5.5k Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 7k, Discover IT 15.5k and a nice stack of store cards.
Last APP/HP 4/22/2015
I should have a nice Ruby but site keeps rejecting the img tag
Moderator Emeritus
Posts: 14,739
Registered: ‎12-30-2011
0

Re: Toy Limits

[ Edited ]

jamesdwi wrote:

 


So having too few is worse than having too many?

 

I was thinking that if i applied they would see the low limts cards and think this guy already has 9 open TLs, why does he need more?

 

If i close three of the original ones that would leave me with 6 open TLs, is that about right?


absolutely, there are only a few rare occausions when people are denied with too many cards with low UTL.

 

I currently have 18 open TL's on my credit report and a  675 FICO and 14% UTL,  I have no doubt that I would be approved for any low end card that I applied for instantly. My last four apps were all approved instantly. You will get denied for many prime cards with a 740 Fico if you have only one card reportng unless its very old. 


There's a world of difference between 3 credit cards reporting vs. 1... let alone the six he's talking about.

 

OP: 6 is right around the American average I suspect, go ahead and close 3 if you wish it's not going to matter to your number of open tradelines.  Also 18 revolving tradelines would be considered excessive by the vast majority of lenders, the OP has the right idea: if you're not using many of those cards substantially, what's to say you'd use that new tradeline a lender might grant you?

 

A whole bunch of tradelines certainly establishes one as a statistical outlier, and that's not really a place anyone wants to be in the eyes of a lender... with the corner case exception of fractional top percent earners / spenders.

 

 

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 693, EQ 8 714, TU 8 710, EX 8 724 (05/27/16)
Goal Score: 700 on EQ 04 (01/01/17)


Take the myFICO Fitness Challenge
Established Contributor
Posts: 961
Registered: ‎12-21-2010
0

Re: Toy Limits

I closed all my toy cards. after I closed them I received a $5000 card immediately. I do think closing toy cards helps get you bigger limits.
Experian® 808/Equifax® ?/TransUnion® 810
Baddies Experian® clean/Equifax® 1/TransUnion® Clean
Last CLI 6-13-2013
Total Credit $121,190.00
Goal 780!
Valued Contributor
Posts: 1,292
Registered: ‎08-19-2012
0

Re: Toy Limits

what do you consider a Toy Limit?

Chase Sapphire Perferred | Chase Freedom | AMEX Platinum | AMEX Delta Platinum | AMEX SPG | Capital One Venture | Capital One Quicksliver | Discover IT | ABFCU Visa | Citi AA WEMC
Mega Contributor
Posts: 15,453
Registered: ‎04-09-2011
0

Re: Toy Limits

I would think anything under 1k is a toy limit.



EQ FICO 548 3/3/16
Valued Contributor
Posts: 1,960
Registered: ‎08-13-2007
0

Re: Toy Limits

I say anything under $5k is toy....    Smiley Very Happy

Ray

** Every Card has a Job, and Every Card does its Job **

Valued Contributor
Posts: 1,292
Registered: ‎08-19-2012
0

Re: Toy Limits


RockinRay wrote:

I say anything under $5k is toy....    Smiley Very Happy


BALLER

Chase Sapphire Perferred | Chase Freedom | AMEX Platinum | AMEX Delta Platinum | AMEX SPG | Capital One Venture | Capital One Quicksliver | Discover IT | ABFCU Visa | Citi AA WEMC
Established Contributor
Posts: 869
Registered: ‎07-04-2012
0

Re: Toy Limits

under 1k definitely and maybe even 2000.

Fico Scores: . Walmart TU 748 . Garden 8/19 2014 .

Cap One Journey 500 | Discover IT 500 | GE Home Design 5.6k | GE HHGREGG 5k | Amex Zync NPSL | Amex BCE 6k | Citi Forward 4.2k | Citi Dividend 3k | GE BrandsMart 1k | GE Lowes 8.5k | Discover Walmart 7.5k | Barclays Apple 2.5k | BoA CR 2.7k | CSP 7.2k | Platinum Prestige 5k | IT Chrome 4k | Slate 2.3k |
Established Contributor
Posts: 937
Registered: ‎06-12-2012
0

Re: Toy Limits

Unless your scores are over 700, firmly in prime territory, you should not go closing out all your rebuilder cards (re: toy limit cards) because guess what? YOU"RE STILL REBUILDING. So keep them because they are helping you more than hurting you. You may feel that you deserve better or that you are 'above' these low limit cards, but much like hanging out with nerds, you will be better off with them until you can get better.

AMEX SPG $20K | Citi TY Premier $20k | PenFed PlatRewards $25k | Barclay Arrival+ 40k | Chase Freedom $20k | BofA AMEX $15k | Discover IT $10k | | NASA Platinum-Advantage $10k | CapOne Quicksilver $10k | Amazon Card $10k | NASA PLOC $30k @ 8.25% | Joined myFICO 6/12 with a 540 FICO & today I'm over 750!
Valued Contributor
Posts: 1,960
Registered: ‎08-13-2007
0

Re: Toy Limits


ryanbush wrote:

RockinRay wrote:

I say anything under $5k is toy....    Smiley Very Happy


BALLER


LOL - had to say it!  Smiley Tongue

Ray

** Every Card has a Job, and Every Card does its Job **

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.